Share Market Dips, Sensex And Nifty Face Pressure From FMCG

Indian equity indices ended the session on 10 October in negative territory, reflecting a volatile trading day. The Sensex closed down 167.71 points, or 0.21 per cent, at 81,467.10, while the Nifty decreased by 31.20 points, or 0.12 per cent, to settle at 24,982. The market witnessed a breadth where approximately 2,580 shares advanced, 1,201 shares declined, and 93 remained unchanged.

Among the top Nifty losers were ITC, Nestle, Adani Energy Solutions, Shree Cement, and Hindustan Unilever (HUL). Conversely, gainers included Divi's Labs, Torrent Power, Rites, Siemens, and Avenue Supermarts. The BSE Midcap and Smallcap indices, however, showed resilience, gaining over 1 per cent each. Most sectors ended positively, with notable gains in pharma, power, and realty sectors, which rose by 1-2 per cent. The FMCG sector faced a decline of 1.3 per cent, and the oil and gas sector was down 0.6 per cent.

The Indian Rupee remained stable today as the Reserve Bank of India (RBI) maintained the repo rate and Cash Reserve Ratio (CRR) at 6.5 per cent and 4.5 per cent, respectively, aligning with market expectations. The RBI shifted its stance to ‘neutral’ and kept its Consumer Price Index (CPI) inflation projection for FY25 unchanged at 4.5 per cent. The GDP growth forecast for FY25 also remained steady at 7.2 per cent, with expectations of 7.0 per cent, 7.4 per cent, 7.4 per cent, and 7.3 per cent GDP growth for Q2FY25, Q3FY25, Q4FY25, and Q1FY26, respectively, indicating a broadly balanced risk outlook. Positive domestic market trends and a decrease in crude oil prices supported the Rupee, although a strong US Dollar capped significant gains.

Oil prices reversed early gains on Wednesday, impacted by weak demand fundamentals and rising supply that countered elevated risks of supply disruption from ongoing conflicts in the Middle East and Hurricane Milton in the United States. Brent crude futures dropped 40 cents, or 0.4 pec cent, to USD 76.81 a barrel, while U.S. West Texas Intermediate futures lost 36 cents, or 0.49 per cent, to USD 73.21.